A Plan for Christian Couples to Reduce Financial Stress

Tue, Aug. 22, 2017 Posted: 06:35 PM

Christians are not immune to the stress of today's financial struggles. Considering the fact that finances is one of the leading factors in divorce, it is important to understand how to divert off a road to poverty and debt and enter into prosperity.

So, where does a Christian couple start in untangling their financial mess? There are some steps to take that can, over time, make your life easier and reduce stress.

Figure Out Where You Are

This is the hardest part for many people. It involves going through all your bills, organizing your letters of debt and seriously looking at your checkbook. You might want to make a list of all past debt, interest, and dates due is to get a clear picture.

Set Your Budget

The process is also not much fun, but necessary. Add up your incoming money for the month and then list all the things you must pay. Then list everything else you spend money on like eating out. You may need to track your expenses over a month to figure out where it goes.

Make Your Priorities

These decisions is where real changes occur. As a couple, decide how you are going to spend your money. This is also where you make a plan to pay debt and plan a savings. I am an advocate of the 10-10-80 plan.

Plan to Tithe

It's tough when there doesn't seem to be enough money. However, tithing 10 percent is a way to tell God you know He will take care of you. It takes a good bit of faith to do. Start with a smaller amount and work up to 10 percent.

Plan to Save

You should be putting 10 percent of every paycheck into savings. It's my experience that you won't spend it if you don't see it in your checkbook balance. This is where you draw from for unexpected bills or a family vacation. You will be surprised at how quickly this will build.

Plan for Emergencies

Life is full of surprises. There is never a good time for emergency expenses to happen. Make a plan to handle this. Until you get enough money in savings, you may consider a payday loan to pay for an unexpected expense. While this is a valid option, and consider the following:

Make sure the loan company is reputable.

Read the contract.

Don't take out more than you can repay.

Understand, this is a short-term loan and the borrowed money will come out of your next paycheck. You will need to put that in your budget and make necessary adjustments. Also, be aware of the interest listed in your contract.

Plan to Get Out of Debt

You will need to get on the phone with credit collectors and ask for either a settlement or a payment plan. Don't be afraid to negotiate amounts or time periods. Banks and credit unions have consolidated loan options that will help reduce your interest and settle debt. Credit repair companies can be helpful in negotiating for you, but they charge you for services.

Live on the 80 percent

Incorporate debt plans into your remaining 80 percent of incoming money. Reduce spending to live within your means. This may mean downsizing. It may also mean taking on more work, like a second job or a part-time job.

Dealing with your situation head on as a couple will reduce stress and resolve underlying issues leading to the situation. Sticking with a plan will also build your relationship with each other as well as provide for your future.